This home appears to be in pre-foreclosure status and the listing you see is due to a preforeclosure notice. The Sale date is or will be posted at the courthouse and in the Mecklenburg Times legal notice paper (online or paper copy). Sale dates can be postponed and sales cancelled if the current owner cures the default or sells as a short sale. If it goes to foreclosure sale, and you choose to bid on it there, it is essential that you work with an experienced Real Estate attorney and others who can keep you out of trouble.
We have helped people buy homes on the courthouse steps. You pay all your own costs, so if you don't have at least 20% of the purchase price in CASH, it probably won't work. If you are financing the purchase, you need to have a pre-approval from a lender who can GUARANTEE that you will close in under 30 days after winning the bid.
If there is a mortgage, the first lienholder will usually bid in at a protect price. They are mainly concerned about protecting their investment and will buy back the asset at the amount of their current mortgage balance. This can be above or below the current market value, but it is not based on what is a market competitive price. There is a 10 day bid upset period. The lienholder will not usually get into an upset bid contest, but other people and companies might.
There are LOTS of ways you can lose your shirt, including being the winning bid, paying the winning bid price in cash and ultimately not owning the property. It is essential that you work with an experienced Real Estate attorney and others who can keep you out of trouble.
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Some things you should know about how the process works. trulia is giving you an estimate as to what the market value of the home is. that does not mean the home will sell for that. it could go for a lot more or less. the bank will generally place a bid on the house to protect their interest in the house and ensure they do not lose to much money. If the bank feels the value fo the house is a certain value they will bid that price. if your closed bid si greater than that you can win the bid. However; you will not knwo what the other bid on the house is or how many people bid on the house.
Also, you have to be prepared to execute payment in full within a 10 day period of winning the bid. They will require a deposit form you at the time fo the bid in a certified check and the home owner has 10 day right to redeem. This means for the 10 days after the sale the homeowner can come in and reclaim the house. however; this rarely, if ever happens.
if you are looking to finance the house you will not be able to do that. it is a cash sale only. they expect the funds immediately after the 10 day redemption period or you lose your earnest money.
I hope this helps answer soem of the questiosn for you...if you are looking to buy a property that may be bank owned you are better off finding a knowledgeable realtor to help work with you and locate homes that are on the market then you have the option of financing them and getting inspections done on the home.
If I can be of any otehr help to you please do not hesitate to give me a call at 704-519-7895 or e-mail me back at email@example.com.
Coldwell Banker United
1. Consult with a Realtor to learn about this property. Be sure to review any disclosures about the condition of the property known to the seller. You will need to sign a Buyer's Agency Agreement with a Realtor, so they can best represent you in the purchase transaction. There is cost for buyer to work with a Realtor.
2. Once you have consulted with a realtor, and decided what to offer, consult with a mortgage professional to get preapproved for the mortgage loan program that best meets your needs. Banks want to see a preapproval letter before considering an offer.
I am happy to assist you with a preapproval. Feel free to call or email me.